A relatively new entrant into the blockchain playing field, the Zilliqa network is making waves and has recently managed to cross the $1 billion market cap threshold.
One of the main highlights that sets the Zilliqa network apart, and probably a major reason for its success, is its promotion of scalability, a feat that has proven elusive for a host of other blockchain platforms.
Though it had for a long time held the 30th position on cryptocurrency charts, the token behind the ZIL has managed to ascend through five spots and capture the 25th spot according to Coinmarketcap data.
This happened when the coin managed to cross the $1 billion threshold in terms of market capitalization.
Moreover, the coin also managed to be among the top trading digital coins in April, going up by a massive 100%.
A notable aspect in all this is the fact that ZIL only started trading on exchanges about three months ago. At the end of March, the coin was only worth $0.05 per unit. As at the time of press, it is trading at $0.145 against the US dollar.
How the Zilliqa Network Attains Scalability
Zilliqa network which came into existence in February offers a scalable blockchain solution using sharding technology. By dividing the network’s nodes, the platform has created small consensus groups to carry out a form of the technology known as transaction sharding.
Every shard or consensus group works on its own microblock in parallel with the rest of them and the final results are combined.
Thanks to this innovative technology, the network has been able to achieve speed of up to 2500 transactions per second during their testnets with about 3600 functional nodes.
As at the time of press, ZIL had recorded an increment of 4.08% against BTC over the past 24 hours, 1.28% against the USD and 4.14% against ETH.